Mongolia: Mining deal signals Mongolia’s return to the stage

Nine years after it first began exploring the Oyu Tolgoi gold
and copper deposits in Mongolia, Canadian firm Ivanhoe and its
larger partner Rio Tinto have secured the mining rights deal
that could transform the countrys economic prospects. The
long-awaited deal, signed on October 6  the most
auspicious day of the year according to the Mongolian-Tibetan
Buddhist calendar  allows Ivanhoe and Rio Tinto to mine
the sites deposits after completing investments projected
to total $4 billion. News of the deal will come as a relief to
almost everyone with a stake in Mongolias future: from
the foreign mining companies and investors who had begun to
despair of realizing the potential of the country to the
Mongolian people who faced declining employment prospects.

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